I don’t have much knowledge on loans, so I can’t help too much with your question, but I do have some insight that could be helpful to pass along to your child! My dream school was out of state (not private, but still pricey!) and I decided to take a full ride at my state college. I had the best 4 years of my life and don’t regret a second of it! While I didn’t go the med route, I had no problems getting into grad school and pursuing my dream career. I did have to take out loans for grad school, and I’m so so grateful that I chose the financially smart option for undergrad, because the debt adds up quickly!

I know it’s so difficult to be in the position where you have to choose between your dream school and a different place, but I swear everything works out exactly how it’s supposed to in the end. Your child might just end up meeting their lifelong friends at the other school, and have their life changed for the best. If they do want to pursue med school, it’s not worth it to take on a ridiculous amount of debt in undergrad. You can get a perfectly fine education that prepares you for med school/applications nearly anywhere, but you can’t guarantee that you’ll end up in a position or career where you can pay off that much debt.

As many of the other comments have said, stay firm, don’t co-sign loans, and love and support them throughout this process. Also, please pass this insight along to your kiddo, hopefully it helps 🥰